Directors of Aberdeen-based independent oil exploration and production company Bridge Energy have recommended the approval of a £103 million takeover bid from Norway’s Spike Exploration.
The deal would see Spike Exploration acquire the entire issued share capital of Bridge Energy at a premium of about 41% to Bridge’s share price on its last trading day.
Shareholders representing about 62% of the total issued shares and votes of Bridge have pre-accepted the offer, which would be financed from available cash resources of Spike Exploration.
Spike Exploration was set up in 2012 with US$300 million backing from Norwegian private equity firm HitecVision.
It is led by founder and CEO Bjørn Inge Tønnessen and has exploration and appraisal licences in Norway and the UK, and a share in the producing Athena oil field.
Bridge Energy is listed on the Oslo Børs and London’s AIM. It holds production and development assets in the UK sector of the North Sea and exploration assets offshore Norway and the UK.
It currently holds equity in four producing assets, amounting to about 1100 boe/d.
Image: The Borgland Dolphin, which was recently drilling exploration wells, in which Bridge has equity interest.
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